We make it easy for you to keep up to date with what's happening in the world of retail. Check out what we are reading this month and why.
Retailer and business groups have hit back against Opposition Leader Peter Dutton's call to boycott Woolworths
Peter Dutton’s call to boycott Woolworths following their decision to stop selling Australia Day merchandise has come under attack from retailer and business groups saying he should not dictate what corporations should sell.Â
Explicit Taylor Swift deepfake images elude safeguards and swamp social mediaÂ
Fake, sexually explicit images of Taylor Swift likely generated by AI rapidly spread across social media platforms this week. The deepfakes flooded several social media sites from Reddit to Facebook – renewing calls to strengthen legislation around AI.Â
Australian retailers hit by new cyber fraud scheme
Major Australian retailers including Guzman y Gomez, Dan Murphy’s, Binge, TVSN and Event Cinemas have been targeted by wide-scale coordinated cyberattacks that stole their online information and made fraudulent transactions. Â
The method, known as ‘credential stuffing’ involved hackers using passwords previously stolen from one website and trying their luck reusing them on others.Â
Kogan's gross sales decline, profit up amid shift to light-capital business
As Kogan transitions to a light-capital business we have seen their gross sales fall in the first half of the current fiscal year amid inventory reduction. Despite this, gross profit increased 42.1% to $89.5 million.Â
Michael Hill cuts staff and stores after challenging first half
Following three years of record results, Michael Hill has experienced a challenging first half of FY24 with group sales up only 4.1% year on year. As a result, they have had to shut down 6 underperforming stores and cut senior management roles to reduce operating costs. Â
Brett Blundy has recruited Mark McInnes in newly created global leadership roleÂ
Following two years of garden leave since stepping down as CEO of Premier Retail, Mark McInnes is joining Australian retail billionaire Brett Blundy as Global Chief Executive of retail and consumer investment firm BBRC.Â
Shein to launch first Brisbane pop-up
Shein will be launching its first Brisbane pop-up at Brookside Shopping Centre from 9am to 5pm on February 9th to 11th. This is the brands sixth pop-up in Australia and will be a beach-club theme, inspired by the sun-kissed beaches in Australia.
ACCC to conduct inquiry on Australian supermarkets' pricing and competition
The Australian Competition and Consumer Commission (ACCC) are set to examine the pricing practices of Australia's supermarket near-duopoly.
What we are reading
Target to add 1K wellness products to offering – wellness finally goes mainstreamÂ